By Zoila Palma: Today, Cuban President Miguel Díaz-Canel unveiled a package of economic reforms aimed at addressing one of the country’s most severe economic crises in recent history, El Pais reports.
The measures, introduced under the Economic and Social Program for 2026, include allowing state-owned companies to participate in the foreign exchange market, authorizing investments by Cubans living abroad, ending subsidies for certain products, and reducing bureaucracy within the government.
According to Díaz-Canel, the reforms are designed to revive an economy struggling with chronic shortages, an energy crisis, and mounting economic pressures. “These are times when changes must be made,” the president said.
A key component of the plan is the decentralization of economic decision-making, giving municipalities greater control over their own foreign-currency revenues and local development projects. Local governments will also be empowered to determine which businesses operate in their communities and how local production systems are developed.
The reforms also seek to give state enterprises greater autonomy. Díaz-Canel said the Empresa Estatal Socialista would operate “without hands interfering in its management,” allowing state companies to establish their own wage systems and participate directly in the foreign exchange market.
Approval of micro, small and medium-sized private enterprises will also be delegated to local governments in an effort to speed up administrative processes and place state companies on more equal footing with the growing private sector.
Additional measures include reducing the number of ministries and bureaucratic positions to lower public spending, shifting government assistance toward subsidizing vulnerable individuals rather than products, opening opportunities in the real estate sector, and easing restrictions on access to idle land and foreign-currency bank accounts for producers.
The post International News: Cuba announces sweeping Economic reforms to boost growth appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: Today, Cuban President Miguel Díaz-Canel unveiled a package of economic reforms aimed at addressing one of the country’s most severe economic crises in recent history, El Pais reports. The measures, introduced under the Economic and Social Program for 2026, include allowing state-owned companies to participate in the foreign exchange market, authorizing investments
The post International News: Cuba announces sweeping Economic reforms to boost growth appeared first on Belize News and Opinion on www.breakingbelizenews.com.
